Africa’s growth trend signals return to faster expansion
ELEVEN of the world's 20 fastest-growing economies will be in Africa in 2024, according to new forecasts from the African Development Bank (AfDB), despite recent shocks like inflation, increased debt and higher interest rates. The 2024 outlook adds some zing to a solid if patchy performance in 2023, when 15 African states posted growth rates of over 5%. Growth in 2024 will push the combined continental GDP to around US$3.5 trillion, according to German data research firm, Statista. Economic acceleration across the continent stems from structural shifts, enhanced infrastructure, and investment-driven productivity, signalling a robust continental revival. “Growth in Africa’s…